How much can you save with MOR-EV?
Switching to an electric vehicle (EV) isn’t just great for the environment—it can save you a lot of money, too. Massachusetts offers the MOR-EV rebate to help lower the upfront cost, making EVs more affordable than you might think. Plus, with other incentives that sometimes include discounts for installing home chargers or give you extra tax credits it can be far cheaper than a gas car. Combine that with savings on gas and lower maintenance costs, and driving electric is a smart way to keep more money in your pocket.
So how much can you save with the MOR-EV rebate? This will depend on a few factors like the vehicle you’re interested in, if you’ve got an old gas guzzler to trade in, and your income. Let’s go through a few situations and see how much you might save.
Standard Rebate for Most EVs
If you’re purchasing or leasing a new battery electric vehicle (BEV) with a base price under $55,000 or a used BEV for under $40,000, you could qualify for up to $3,500 back through the MOR-EV rebate program. This is the standard rebate amount for most eligible EVs, making the switch to electric more accessible and affordable.
To make things even easier, you can go online to the MOR-EV website and apply for a voucher before you purchase a used car. By doing this, the rebate amount is applied as an upfront discount on the price of the vehicle, meaning you’ll see the savings instantly when you buy.
Low-Income Rebate Bonus
To further assist with affordability, Massachusetts offers an additional $1,500 MOR-EV+ rebate for qualifying low-income households, bringing the total possible savings up to $5,000. This additional incentive ensures that more residents can make the shift to electric, regardless of their income. There are a variety of programs that may qualify you for the MOR-EV+ rebate, to learn more, click here.
Trade-in and Additional Savings
If you’re trading in a gas-powered vehicle, you could be eligible for even more savings through trade-in programs. If you’re gas-powered vehicle is older than 12 years old you may qualify for another $1,000. Additionally, depending on where you live, there may be local incentives that stack on top of the MOR-EV rebate. You can also take advantage of the federal tax credit for electric vehicles. The federal government offers a tax credit of up to $7,500 for new qualifying electric vehicles. The exact amount you receive will depend on the vehicle’s battery size, where the vehicle was assembled, whether the new vehicle was purchased or leased, and your personal tax liability.
In total, you could receive up to $6,000 with the MOR-EV rebate making electric vehicles even more affordable on top of the many savings you’ll get with reduced maintenance and fueling costs. By combining these savings, driving an electric vehicle is more affordable than ever, making the initial cost a lot less intimidating while setting you up for long-term savings on fuel and maintenance.
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